Bharat Heavy Electricals Ltd

₹ 59.9 2.39%
30 Sep - close price
About

Bharat Heavy Electricals Ltd is an integrated power plant equipment manufacturer engaged in design, engineering, manufacture, erection, testing, commissioning and servicing of a wide range of products and services for the core sectors of the economy, viz. Power, transmission, Industry, transportation, renewable energy, Oil & Gas and defence.[1] It is the flagship engineering and manufacturing company of India owned and controlled by the Govt. of India.[2]

Key Points

Power Sector (~70% of revenues)[1]
The company has capabilities to manufacture the entire range of power plant equipment including thermal, gas, hydro and nuclear power projects.[2] It has strong engineering capabilities across the nuclear applications. 12 out of 18 Pressurised Heavy water reactors, accounting for ~74% of India's nuclear power capacity are equipped with BHEL supplied steam turbine generator sets.[3]

  • Market Cap 20,858 Cr.
  • Current Price 59.9
  • High / Low 80.4 / 41.4
  • Stock P/E 29.6
  • Book Value 76.1
  • Dividend Yield 0.67 %
  • ROCE 2.93 %
  • ROE 1.67 %
  • Face Value 2.00

Pros

  • Stock is trading at 0.79 times its book value
  • Debtor days have improved from 86.0 to 52.0 days.

Cons

  • The company has delivered a poor sales growth of -5.71% over past five years.
  • Company has a low return on equity of -4.47% over last 3 years.
  • Contingent liabilities of Rs.6,806 Cr.
  • Earnings include an other income of Rs.415 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
4,532 6,227 5,681 5,050 1,991 3,696 4,451 7,170 2,901 5,112 5,136 8,062 4,672
4,802 5,962 5,354 5,609 3,050 4,329 4,632 8,439 3,377 5,142 5,047 6,910 4,842
Operating Profit -270 265 327 -560 -1,059 -633 -180 -1,268 -476 -30 89 1,152 -170
OPM % -6% 4% 6% -11% -53% -17% -4% -18% -16% -1% 2% 14% -4%
146 140 157 147 100 109 99 84 74 96 104 131 84
Interest 108 119 140 141 115 94 86 79 84 90 86 96 98
Depreciation 115 119 115 154 119 115 113 127 111 43 74 86 67
Profit before tax -347 167 229 -709 -1,192 -734 -280 -1,390 -597 -67 33 1,102 -251
Tax % 37% 28% 29% -116% 25% 25% 22% 25% 25% 31% 18% 17% 25%
Net Profit -219 121 162 -1,532 -893 -552 -218 -1,036 -448 -47 27 912 -188
EPS in Rs -0.63 0.35 0.47 -4.40 -2.56 -1.59 -0.62 -2.97 -1.29 -0.13 0.08 2.62 -0.54
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
42,526 48,340 48,903 39,561 31,323 25,505 28,465 28,827 30,441 21,463 17,309 21,211 22,982
33,893 38,393 39,420 34,982 29,183 26,862 27,370 27,174 28,409 21,596 20,357 20,383 21,941
Operating Profit 8,633 9,947 9,483 4,579 2,141 -1,357 1,095 1,653 2,032 -133 -3,049 828 1,041
OPM % 20% 21% 19% 12% 7% -5% 4% 6% 7% -1% -18% 4% 5%
1,035 1,276 1,132 1,617 1,221 1,492 753 679 662 590 393 405 415
Interest 56 53 128 133 92 360 413 330 378 613 467 448 370
Depreciation 546 803 957 985 1,082 937 850 787 476 503 473 314 270
Profit before tax 9,065 10,367 9,531 5,078 2,187 -1,161 586 1,215 1,840 -659 -3,596 470 817
Tax % 33% 32% 30% 31% 34% 39% 22% 64% 46% -123% 25% 5%
Net Profit 6,053 7,087 6,693 3,502 1,450 -706 455 438 1,002 -1,468 -2,700 445 705
EPS in Rs 16.49 19.30 18.23 9.54 3.96 -1.92 1.25 1.20 2.89 -4.21 -7.75 1.28 2.03
Dividend Payout % 25% 22% 20% 20% 20% -14% 85% 151% 69% 0% 0% 31%
Compounded Sales Growth
10 Years: -8%
5 Years: -6%
3 Years: -11%
TTM: 26%
Compounded Profit Growth
10 Years: -24%
5 Years: -1%
3 Years: -24%
TTM: 131%
Stock Price CAGR
10 Years: -10%
5 Years: -7%
3 Years: 9%
1 Year: -9%
Return on Equity
10 Years: 3%
5 Years: -2%
3 Years: -4%
Last Year: 2%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
490 490 490 490 490 490 490 734 696 696 696 696
Reserves 19,665 24,914 30,043 32,667 33,717 31,825 31,899 31,601 30,208 27,964 25,287 25,810
252 432 2,698 4,693 1,889 211 156 110 2,598 5,080 4,951 4,830
39,211 41,664 38,588 37,481 34,887 33,051 29,153 31,495 30,987 26,550 25,025 25,654
Total Liabilities 59,618 67,499 71,818 75,331 70,983 65,577 61,698 63,940 64,490 60,291 55,960 56,991
3,610 4,519 4,667 4,729 4,230 3,969 3,601 3,073 2,970 2,817 2,491 2,398
CWIP 1,757 1,763 2,467 2,931 2,614 318 168 203 235 314 420 431
Investments 11 6 6 6 6 796 757 429 152 162 185 205
54,240 61,211 64,679 67,665 64,134 60,494 57,171 60,235 61,132 56,998 52,864 53,956
Total Assets 59,618 67,499 71,818 75,331 70,983 65,577 61,698 63,940 64,490 60,291 55,960 56,991

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
2,699 -701 1,759 4,512 821 374 560 989 -3,860 -2,892 560 660
-1,439 -582 -1,113 -868 650 23 -565 961 1,919 1,877 -42 -1,118
-1,410 -1,690 472 523 -3,543 -122 -468 -667 -32 1,622 -394 -329
Net Cash Flow -150 -2,972 1,118 4,167 -2,071 275 -473 1,283 -1,973 608 123 -787

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 174 200 219 260 309 321 283 178 142 121 85 52
Inventory Days 206 210 186 195 270 272 200 191 218 321 333 274
Days Payable 154 159 152 174 239 240 225 301 297 300 281 291
Cash Conversion Cycle 226 252 253 281 340 353 258 68 63 142 137 35
Working Capital Days 75 102 126 158 193 209 162 121 130 157 146 84
ROCE % 50% 45% 33% 15% 6% -2% 3% 5% 7% -0% -10% 3%

Shareholding Pattern

Numbers in percentages

2 recently
Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
63.17 63.17 63.17 63.17 63.17 63.17 63.17 63.17 63.17 63.17 63.17 63.17
11.36 9.96 9.36 5.09 4.24 4.34 4.47 4.67 4.31 3.86 4.00 4.22
19.09 19.24 17.81 18.14 15.58 13.51 12.49 12.39 13.73 13.80 12.66 12.59
6.38 7.63 9.66 13.60 17.01 18.98 19.87 19.76 18.79 19.17 20.17 20.02

Documents

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